SLS Lux Brickell – An Opportunity to Reimagine Your Real Estate Investment
IndraStra Global

SLS Lux Brickell – An Opportunity to Reimagine Your Real Estate Investment

By Rose McReid


SLS Lux Brickell – An Opportunity to Reimagine Your Real Estate Investment

The luxury is just not about cravings. It's about "demand" - and especially, since the advent of COVID-19; the market has been experiencing a roller coaster ride. And, within this ride - there is a rising potential with a "silver-lining" in ultra-luxury condos' domain in the United States. In particular, the Miami real estate market is experiencing an influx of "relocation buyers" mainly from the northeast part of the country. These new-age buyers are very much attracted to South Florida’s favorable tax laws and an irresistible tropical lifestyle. Most of these buyers are coming from small(er) condo living and are now looking for space and a better lifestyle. Although many buyers are searching for single-family homes, a large share of these buyers prefers the "lock up and leave" concept of Miami luxury condos with the 5-star services and amenities to ease their life.


SLS Lux Brickell


Generally, Miami's luxury condos evoke the image of a hefty price tag and sheer opulence. While that is a general opinion, it doesn’t even begin to cover its defining characteristics. For instance, the location of the condominium building itself has repercussions on how customers perceive it and influence its ultimate price tag. Resonance is a must and, one such luxury-condo residence is resonating in target buyers' minds is the "SLS Lux Brickell". The property developed by Related Group and designed by Arquitectonica is one of the poshest entities located in Miami's Brickell City Center. The location of the condo is within the proximity of South Beach, Wynwood, and the Design District; which are easily accessible in about a 30-minute drive. New York-based design duos George Yabu and Glenn Pushelberg did a fabulous job on its lobby by incorporating original works of contemporary masters like Fernando Botero and Fabian Burgos. And the cherry on the top is the "lux garden level pool terrace" which is "designed to inspire style terrace designed to inspire style beyond compare".


Image Attribute: lux garden level pool terrace / SLS Lux Brickell, Miami

Image Attribute: lux garden level pool terrace / SLS Lux Brickell, Miami

Now, if we do a little bit of deep-dive, then we will be looking at the residences (of SLS Lux Brickell) clad in floor-to-ceiling glass windows and doors providing a series of panoramic views, and "all of the comfort and conveniences of life in a 5-star hotel". The amenities include the following; 


three pools, two hot tubs, a poolside bar, a barbecue area with a summer kitchen, a lighted tennis court, a fitness center, a full-service spa, full-service concierge service, two club rooms, children’s playroom, and more.


Besides that, privacy is a key differentiator here; because the residents get exclusive access to their units through private residential elevators via the residential lobby. If we add "pandemic" as a subset of the above-mentioned differentiator, then the future residents or we can say the prospective buyers are going to be more demanding. And surely, they will try to impose a "less-congestive" design approach as depicted in SLS Lux Brickell, upon the architects and developers as a part of their anti-COVID plans. So, here one is just not looking at the contemporary interiors and generous terraces but also looking at an elevated lifestyle with the highest level of safety.


Image Attribute: SLS Lux Brickell, Miami / Source: Miami MLS

Image Attribute: SLS Lux Brickell, Miami / Source: Miami MLS


Why invest in SLS Lux Brickell?


According to Michael Light's latest reporting at Miami Luxury Homes on the demand for such ultra-luxury properties, "the appetite for luxury single-family homes is the highest it has ever been and that we are in a seller’s market" at the prevailing price point, which happens to be between $400k to $1 million. Particularly, sales at the SLS Lux generally offered discounts between 15%-25%, even going up to 35% in several cases. A total of 12 sales were recorded in the last 6 months, which is quite impressive as per the current situation. 


No wonder SLS Lux Brickell has outperformed. Its sales can be easily compared with the last three-quarters report on Brickell's Condo Market (the Year 2020), drafted by Amy Lindenmoyer.


In Q1 2020, the Median sales price of a condo in Brickell increased by about 3% amounting to $11,000 from $369,000 to $380,000. The median price per sqft also decreased by $7 per sqft from $386 per sqft to $379 per sqft. Sales volume also showed a slight decrease of 8% from 198 closed transactions to 183 closed transactions. Median days on the market rose by 59 days from 137 days to 196 days. Median negotiability remained unchanged at 5%. However, cash transactions decreased its market share by 5% representing 48% of the sales volume, a decrease from 53%.


In Q2 2020, Median sales price increased by about 1% amounting to $5,000 from $380,000 to $385,000. The median price per sqft decreased by $26 per sqft from $379 per sqft to $353 per sqft, a 7% reduction. Sales volume slid by 33% from 303 closed transactions to 99 closed transactions. This is likely due to the inability to show properties during this time. Median days on the market rose by 28 days from 137 days to 165 days, a 17% increase. Median negotiability jumped 2% from 7%, which is great news for buyers! However, cash transactions dropped from 52% of the sales volume to 33%. This is likely due to people holding onto their cash due to economic uncertainty.


In Q3 2020, the median sales price increased by about 8.5% amounting to $32,500 from $380,000 to $412,500. The median price per sqft increased by $6 per sqft from $375 per sqft to $381 per sqft. Sales volume dipped by a mere 5% from 227 closed transactions to 217 closed transactions, only 10 fewer transactions. Median days on the market rose by 40 days from 142 days to 182 days, a 28% increase. Median negotiability remained stable at 5%. However, cash transactions dropped from 48% of the sales volume to 41% as more buyers close with financing over cash.


Image Attribute: SLS Lux Brickell, Miami

Image Attribute: SLS Lux Brickell, Miami


ROI and Appreciation of Asset


So, what you should look up to? Single-family condos (1 to 4 bedrooms) like SLS Lux Brickell. They outperformed the condo market by far. Of course, there are currently the smartest Miami condo investments. But, more importantly, bear in mind that the average price per sqft increases for some markets has been very aggressive (like Bal Harbour and Edgewater) not because values in specific buildings went up 88% or 100%, but because a new luxury product was introduced that was then selling at a different level. Exactly, this is the same case with SLS Lux Brickell which is currently selling at an average of $850+ per sq.ft. In 2010 it was almost unheard of to imagine units selling at $1,500 per sq.ft, but today in Miami we have condos selling at $3,000 per sq.ft. The type of product has changed enormously as buildings that rival those of the New York or London skyline have started to appear in large numbers. Pandemic has brought at the prices within the range of affordability which should be taken as an advantage by new prospective buyers by investing in a property like SLS Lux Brickell, without any further delay. 


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